SWIFT ENERGY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
Twelve Months | Three Months | |||||||||||||||||||||||
Ended December 31, | Ended March 31, | |||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||||||||||||||||||
GROSS G&A | 73,453 | 86,212 | 69,987 | 73,268 | 87,826 | 23,076 | ||||||||||||||||||
NET G&A | 34,182 | 38,673 | 34,046 | 36,359 | 45,362 | 11,883 | ||||||||||||||||||
INTEREST EXPENSE, NET | 28,082 | 31,079 | 30,663 | 33,437 | 35,566 | 13,465 | ||||||||||||||||||
RENTAL & LEASE EXPENSE | 2,952 | 2,947 | 3,973 | 5,181 | 5,642 | 1,408 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS, BEFORE INCOME | ||||||||||||||||||||||||
TAXES AND CHANGE IN ACCOUNTING PRINCIPLE | 244,556 | (412,758 | ) | (64,617 | ) | 74,308 | 135,104 | 5,882 | ||||||||||||||||
CAPITALIZED INTEREST | 9,545 | 8,037 | 6,107 | 7,408 | 7,667 | 1,999 | ||||||||||||||||||
CALCULATED DATA | ||||||||||||||||||||||||
EXPENSED OR NON-CAPITAL G&A (%) | 46.54 | % | 44.86 | % | 48.65 | % | 49.62 | % | 51.65 | % | 51.50 | % | ||||||||||||
NON-CAPITAL RENT EXPENSE | 1,374 | 1,322 | 1,933 | 2,571 | 2,914 | 725 | ||||||||||||||||||
1/3 NON-CAPITAL RENT EXPENSE | 458 | 441 | 644 | 857 | 971 | 242 | ||||||||||||||||||
FIXED CHARGES | 38,085 | 39,557 | 37,414 | 41,702 | 44,204 | 15,706 | ||||||||||||||||||
EARNINGS | 273,096 | (381,238 | ) | (33,310 | ) | 108,602 | 171,641 | 19,589 | ||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 7.17 | --- | --- | 2.60 | 3.88 | 1.25 | ||||||||||||||||||
(1) Earnings were inadequate to cover fixed charges for the year ended December 31, 2008 by approximately $420.8 million and for the year ended December 31, 2009 by approximately $70.7 million. | ||||||||||||||||||||||||
For purposes of calculating the ratio of earnings to fixed charges, fixed charges include interest expense, capitalized interest, amortization of debt issuance costs and discounts, and that portion of non-capitalized rental expense deemed to be the equivalent of interest. Earnings represent income from continuing operations before income taxes and fixed charges. |